Archive | Cut fresh

Propbd on Q Th11Sept14 – 2 apartments sell, tick for downtown framework, 3 Kings & Flat Bush plan changes

Disposal of QE2 Square approved as part of 3-way deal
2 apartments sell at Ray White
Council endorses downtown framework
3 Kings intensification opponent gives warning, plan change up for approval
Flat Bush rezoning up for approval

4.38pm:
Disposal of QE2 Square approved as part of 3-way deal

Auckland Council’s development committee has approved sale or lease of Queen Elizabeth 2 Square as part of a 3-way deal with Precinct Properties Ltd.

The council and Precinct, owner of the rest of the block – the Downtown Shopping Centre and Zurich House (21 Queen St) – also have negotiations under way on constructing the city rail link tunnel beneath the property and on provision of land on lower Albert St for a bus interchange. In addition, Precinct will develop a lane between Queen & Albert Sts which existed before the present buildings were erected).

The sale/lease approval was part of a report on open space in the downtown precinct and followed approval a few hours earlier of the downtown framework, a tool to enable dozens of downtown upgrade projects.

3.30pm:
2 apartments sell at Ray White

2 apartments in the Waldorf & Metropolis buildings were sold under the hammer at Ray White City Apartments’ auction today. A unit in the Cambridge on Anzac Avenue and 2 lots at the Pauanui Lakes golf resort were passed in. Auction results:

Imperial Gardens, 135 Hobson St, unit 205, withdrawn from auction, sales agents Dominic Worthington & Lorraine Garnett
Federal, 207 Federal St, unit 202, postponed a week, Dusan Valenta
Waldorf, 8 Bankside St, unit 14B, sold for $211,000, Dusan Valenta
Pauanui, Pinehurst Drive, lot 61, passed in at $45,000, Tim Warmington & Cameron Brain
Pauanui, Pinehurst Drive, lot 62, passed in at $45,000, Tim Warmington & Cameron Brain
Cambridge, 43 Anzac Avenue, unit A1, passed in at $84,000, Dusan Valenta & Tim Warmington
Metropolis, 1 Courthouse Lane, unit 1105, sold for $320,000, Dominic Worthington

Council endorses downtown framework

Auckland Council’s development committee endorsed the downtown framework this afternoon. It’s now debating the evaluation of public space options in the downtown precinct.

3 Kings intensification opponent gives warning, plan change up for approval

Former regional councillor Dick Bellamy presented a submission to the committee earlier about the Fletcher Building Ltd proposal to develop intensive housing in the 3 Kings quarry, arguing that council agreement for this would go against an Environment Court decision requiring consultation.

Fletcher’s proposed plan changes 372 & 373 for the quarry will come up for approval later in the council committee meeting.

Flat Bush rezoning up for approval

Also still to be heard is an application for Manukau plan change 20, for stage 2 of Flat Bush, rezoning 342ha to residential.

Attribution: Auction, council.

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Propbd on Q F29Aug14 – New consents peak

2.22pm:
New peak for home consents

2282 new homes, including 373 apartments, were consented nationally in July. That’s 15 more than the last high, in November, and most consents for a month since April 2008.

The annual consent rate has jumped by 4500 in the last year, from 19,198 to 23,649.

849 of the July consents were in Auckland, including 373 apartments, and 609 were in Christchurch, including 12 apartments.

Attribution: Statistics NZ.

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Propbd on Q Th21Aug14 – Migrant inflow soars, council enters fundamental debate

Net migrant inflow tops 41,000
Council enters fundamental debate

12.10pm:
Net migrant inflow tops 41,000

New Zealand’s net migrant inflow has jumped over 41,000 in the July 2014 year, lifted by the monthly net figure doubling over July last year.

Long-term immigrants increased by 1600 in July, from 8628 to 10,239, while exits fell from 6188 to 5094. That resulted in an increase in net inflow from 2440 to 5145 for the month.

For the July year, immigration rose by 13,000 to 102,395 while emigration fell from 78,706 to 61,352 – a net increase of just over 30,000 in the inflow, from 10,569 to 41,043.

The annual net inflow for the June year was 38,338 and the peak of a decade was 42,541 for the May 2003 year.

Council enters fundamental debate

Auckland Council’s finance & performance committee has made some property disposal decisions and entered some fundamental discussions this morning on rates, valuation, budgets and the proposed deferral of capex, especially local board capex.

That’s as in fundamental but not conclusive – a story which will take me through to tomorrow morning to compile.

Attribution: Statistics NZ, council committee meeting.

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Propbd on Q Th14Aug14 – Tranche 4 debate on, $1 reserve apartment sells, plan changes approved

Debate continues on housing areas tranche 4
4 apartments sell at auction, including one off $1 reserve
Te Arai, Drury South & Shore heritage plan changes to be made operative

2.10pm:
Debate continues on housing areas tranche 4

Auckland Council’s Auckland development committee began discussing the fourth tranche of special housing areas in confidential meeting late this morning, stopped for a late lunch and has a traffic jam of meetings to contend with this afternoon.

The budget committee is scheduled to meet at 2.30pm, with business including a refinement of local board funding policy, followed by a governing body meeting to rectify an error in the process to set the rates.

The committee recommendation on the special housing areas will remain confidential through the governing body meeting on 28 August and on until the housing minister releases a decision on the council recommendation.

4 apartments sell at auction, including one off $1 reserve

A developer-owned apartment off Symonds St, offered with a reserve price of $1 + gst, sold at Ray White City Apartments’ auction today for $100,000 + gst.

It was one of 4 units to sell under the hammer out of 5 offered at the auction. Bidding was heavy, even for the unit passed in. Auction results:

Ascent, 149 Nelson St, unit 121, sold for $280,000, sales agent Tim Warmington
Citta, 184 Symonds St, unit 319, sold for $282,000, Keisha Gutierrez
Lighter Quay, 79 Halsey St, unit 104, leasehold, passed in at $340,000, Adele Keane & Krister Samuel
The Quadrant, 10 Waterloo Quadrant, unit 2008, sold for $346,700, Damian Piggin & Daniel Horrobin
Columbia, 15 Whitaker Place, unit 10G, sold for $100,000 + gst, Donald Gibbs

Te Arai, Drury South & Shore heritage plan changes to be made operative

Auckland Council’s Auckland development committee approved 3 plan changes to be made operative today. They were:

10 Te Arai, Rodney private plan change 166, the Environment Court granted consents on 29 April to establish a golfcourse, with some amendments to be made before they and the plan change would be finalised, and that was done on 26 July

11 Drury South, Papakura & Franklin private plan changes 12 & 38, regional policy statement change 19 and regional plan: Air, land & water change 3, the proposal by Stevenson Group Ltd rezones 361ha of rural & quarry land for a mix of industrial & business development; also approved through the same hearing was Auckland Council’s proposed extension of the metropolitan urban limit to incorporate the Drury South development site & some surrounding land

12 North Shore plan change 38, amendments to schedule of historic heritage places, the plan change adds 69 buildings to the schedule, 11 category A & 58 category B

Attribution: Council committee, auction.

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Propbd on Q W13Aug14 – Quiet auction at Bayleys, McKelvie St unit sells, PFI lifts profit, Precinct steady, SkyCity profit down, new hotel

Sole bidder on Westminster Court unit holds back
McKelvie St unit sells, 5 others passed in at Barfoots
PFI lifts distributable profit by 10%
Precinct scores similar net annual result
SkyCity profit down, convention centre application in soon, new 300-room hotel, new finance chief

Sole bidder on Westminster Court unit holds back

An apartment in Westminster Court, opposite the High on Parliament St, which would normally draw considerable interest, was passed in at Bayleys’ auction today after a fairly reluctant bidder offered $800,000, well short of the reserve. Auction results:

5 Parliament St, unit 5D, passed in at $800,000, sales agents Diane Jackson & Julie Prince
Whitcoulls building, 6 Victoria St East, unit 6J, auction postponed until Wednesday 20 August, sales agent David Anderson

McKelvie St unit sells, 5 others passed in at Barfoots

Among the residential offerings at Barfoot & Thompson’s auctions today (which I don’t cover), one city-fringe apartment in Grey Lynn was sold and 5 other apartments were passed in. Auction results:

Parnell, 28 Stanwell St, unit 4D, passed in at $637,000, sales agent Cindy Yu
Parnell, 28 Balfour Rd, unit 306, no bid, Cindy Yu & Bobby McMillan
Grand Chancellor, 1 Hobson St, unit 406, passed in at $645,000, Aaron Cook & Betty Shao
Anzac Court, 43 Anzac Avenue, unit 503, passed in at $154,500, Raymond Zhang & Jason Li
Grey Lynn, 33 McKelvie St, unit 4D, sold for $670,000, Matt O’Rourke & Ryan Harding
Sandringham, 5 Patterson St, unit 3, passed in at $520,000, Ketiesha Elliott

PFI lifts distributable profit by 10%

Property For Industry Ltd net profit after tax $14.4 million (3.5c/share) for the June half, distributable profit up 10.3% to 3.8c/share. Operating revenues of $32.1 million for the 6 months more than doubled, primarily due to the 1 July 2013 merger with Direct Property Fund Ltd.

The company collected $11.3 million from 4 property sales during the half and has generated $15.9 million from the sale of 2 more properties post-balance date. It will complete the $15.4 million acquisition of 143 Hutt Park Rd, Seaview, Wellington, this month and has started a $3.6 million development for Z Energy Ltd at 9 Narek Place,Wiri.

Precinct scores similar net annual result

Excluding a large tax benefit from last year’s result, Precinct Properties Ltd ended the June year with similar net profit after tax. It made $117.2 million this time, against $157.5 million a year ago including the $39.7 million deferred tax benefit.

Net operating income was up 9.4% to $63.8 million, or 6.1c/share (5.85c last year). Net tangible assets rose 5c (5.1%) to $1.04/share. The company had a $47.5 million revaluation gain ($46.3 million last year).

SkyCity profit down, convention centre application in soon, new 300-room hotel, new finance chief

SkyCity Entertainment Group Ltd had a major announcement day today:

  • It said net profit after tax fell 22.6% ($28.8 million) to $98.5 million, a 17c/share return (22.1c last year); normalised, it was down 8.1% ($10.8 million) to $123.2 million, a 21.3c/share return
  • It revealed approved concept designs for the NZ International Convention Centre to be built between Hobson & Nelson Sts, extending the casino company’s holdings one block across the Victoria Quarter, and said it anticipated lodging its resource consent application in the fourth quarter of this year
  • It revealed plans for a 5-star 300-room hotel plus a pedestrian laneway of bars, restaurants & boutique shopping to be built as part of the convention centre complex
  • The company has appointed a new chief financial officer, Rob Hamilton, who will start in October.

Attribution: Company releases, auctions.

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Propbd on Q T12Aug14 – Apartment design winner named, East Tamaki unit sells, Strategic payout, Summerset result mixed

S 3 Architects wins brownfields apartment design competition
Small East Tamaki unit sells
Strategic Finance receivers to make first payout within fortnight
Summerset profit up, underlying return down, dividend at low end

5.17pm:
S 3 Architects wins brownfields apartment design competition

S 3 Architects Ltd (Stephen Smith; design at right) has won the Institute of Architects’ competition to design an apartment building for a brownfield Mt Eden site, which attracted 67 entries.

The competition was launched by Ockham Residential Ltd director Mark Todd after discussions with architects about affordable construction 2 years ago.

The other finalists were Leuschke Group Architects Ltd, Matthews & Matthews Architects Ltd, Waterfall Gunns Lowe Architects Ltd and Andrew Sexton Architecture Ltd.

1.18pm:
Small East Tamaki unit sells

A small East Tamaki warehouse & office unit was sold at $3000/m² at Colliers International’s auction today. A 1970s New Lynn warehouse & showroom was passed in. Auction results:

East Tamaki, 14 Basalt Place, unit 13, sold for $1.95 million at $3000/m², sales agent Jolyon Thomson
New Lynn, 12 Bentinck St, passed in at $800,000, Chris Upright

Strategic Finance receivers to make first payout within fortnight

Strategic Finance Ltd’s receivers, John Fisk & Colin McCloy of PWC, have received the first settlement payment from the company’s former directors & auditors – $10 million of the total $22 million – and will make a distribution to secured investors in the next 2 weeks.

The other 2 instalments, each of $6 million, are to be paid at the end of this month and in November.

Summerset profit up, underlying return down, dividend at low end

Summerset Group Holdings Ltd said today its net profit after tax for the June half rose 42% to $15.3 million, but its underlying profit fell 6%, from $10 million to $9.4 million. Total assets rose 21% to $921 million.

Sales of occupation rights rose 3% to 195, and the company delivered 136 new retirement units, up 33%.

Summerset’s dividend policy is to pay out 30-50% of underlying profit. The 1.4c/share interim dividend equates to 32%.

Attribution: Auction, PWC & Summerset releases.

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Propbd on Q Th7Aug14 – NZF decider lacks quorum, QV sees value slowdown, 3 apartments sell, all passed in at Barfoots

Meeting to decide NZF Group’s fate falls short of quorum
QV says residential values rise slowing
3 apartments sell at Ray White
7 retail & business units passed in at Barfoots auction

3pm:
Meeting to decide NZF Group’s fate falls short of quorum

NZF Group Ltd’s meeting of noteholders today on its fate was adjourned representation at the meeting fell short of a quorum.

The quorum is 25% of the notes on issue, but only 24.1% was represented, and the meeting was adjourned for 14 days, to Thursday 21 August at 11am, at the Tamaki Yacht Club.

NZF’s directors proposed on 3 April that the company be liquidated after completing the selldown of assets, but the large noteholder, Nessock Custodians Ltd, an MSL Capital Markets Ltd (McDouall Stuart) company, issued a meeting requisition notice in May.
Previous story, 23 July 2014: NZF Group calls meeting on its fate

QV says residential values rise slowing

Quotable Value Ltd said today the rise in residential property values nationally was slowing, following a fall in sales.

However, the rise is still substantial. QV’s latest statistics, for the 3 months to July, show an 11.7% rise for the year in Auckland, 31.8% since the previous peak in 2007. Adjusted for inflation, those rises come back to 9.9% for the year, 12.9% since 2007.

Nationally, the rises have been 2.3% for the 3 months, 7.6% for the year, 15.6% since 2007. Adjusted for inflation, the national rises come back to 5.9% for the year, 0.9% since 2007.

QV spokeswoman Andrea Rush said some areas of Auckland were starting to show a slight decline in values.

3 apartments sell at Ray White

3 units were sold at Ray White Apartments’ auction today, out of 7 offered. Auction results:

Ophir, 1 Ophir St, unit 4E, sold for $391,000, Damian Piggin & Daniel Horrobin
96 on Symonds, 96 Symonds St, unit 1206, passed in at $234,000, James Mairs & Marcus Fava
Citta, 184 Symonds St, unit 424, passed in at $371,100, Keisha Gutierrez
Hobson Quay, 10 Hobson St, unit 2I, sold for $270,000, Damian Piggin & Daniel Horrobin
Forte, 37 Symonds St, unit 607, sold for $182,000, James Mairs & Marcus Fava
Quay Park, 8 Quay St, unit 5A, passed in at $81,000, Rita Herceg & Alex Allan
Vibe, 16 Market Place, unit 3F, no bid, James Mairs & Marcus Fava

6 retail & business units passed in at Barfoots auction

5 of the 6 retail & business units in a new development at 151 Lincoln Rd, Henderson, were passed in at a Barfoot & Thompson Commercial auction today. A unit in Fair Mall at Otara was also passed in.

The Lincoln Rd units were marketed by John Stringer & Peter Jeromson, and the Fair Mall unit by Agnes Teh. Auction results:

Unit 1, Pita Pit, passed in at $670,000 at 5.96% yield
Unit 2, Bruce Lee Sushi, passed in at $660,000 at 6.05% yield
Unit 4, Oporto, passed in at $885,000 at 6.2% yield
Unit 3, Yolicious, passed in at $350,000 at 7.14% yield
Unit 6, Discoveries Educare childcare centre, passed in at $1.48 million at a 7.8% yield
Unit 5, sold prior for an undisclosed sum

Otara, 6 Fair Mall, passed in at $2.7 million, Agnes Teh

Attribution: NZF & QV releases, auctions.

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Propbd on Q W6August14 – Grand Central leaseholds sell, apartments pass in at Bayleys, 5.9% on Ponsonby building

2 Grand Central leasehold units in old station sold
Apartments passed in
5.9% yield on Ponsonby commercial building

3.45pm:
2 Grand Central leasehold units in old station sold

2 leasehold units in the Grand Central building were sold under the hammer at City Sales’ apartments auction today, one of them barely over the minimum deposit level.

The units have hefty ground leases resulting from very low-density development of the large site, which was developed as the Railway Campus and intended for student accommodation. It was previously Auckland’s central railway station. Auction results:

Forte, 37 Symonds St, unit 406, sold for $240,000, David Hamlyn
The Vibe, 16 Market Place, unit 3E, leasehold, passed in at $300,000, Lucy Piatov
Grand Central (ex-Railway Campus, the old Auckland Railway Station), 26 Te Taou Crescent, unit 19, leasehold, sold for $18,000, John Francis
Grand Central, 26 Te Taou Crescent, unit 143, leasehold, sold for $12,500, John Francis

Apartments passed in

Both apartments offered at Bayleys’ residential auction today were passed in. Auction results:

Regatta Court, 92 Nelson St, unit 7C, passed in at $310,000, Julie Prince & Diane Jackson
Ponsonby, Apex, 22 Prosford St, unit 7, passed in at $1.44 million, Karen Spires

5.9% yield on Ponsonby commercial building

A Ponsonby commercial building sold under the hammer at a 5.9% yield at Colliers International’s auction yesterday. Auction result:

Ponsonby, 1-3 Cowan St, building occupied by 8 professional tenants & a café, sold for $5.225 million at a 5.9% yield, Deborah Dowling & Charlie Oscroft

Attribution: Auctions.

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Propbd on Q T5Aug14 – Big tick for Goodman fee change, NPT stake cut, new lowball offers

Goodman fee restructure support just a few votes off 100%
Mint reduces NPT stake
Zero Commission makes 2 new lowball offers

5.20pm:
Goodman fee restructure support just a few votes off 100%

Goodman Property Trust unitholders voted 99.79% in support of a new management fee structure at the annual meeting at the trust’s Highbrook business park today.

  • Meeting story to come overnight.

Earlier story, 16 July 2014: Goodman manager proposes incentive to make development land income-producing faster

Mint reduces NPT stake

Mint Asset Management has dropped its stake in NPT Ltd (ex-National Property Trust) from 7.2% last October to 5.8%.

Zero Commission makes 2 new lowball offers

2 listed companies, Tower Ltd & Pumpkin Patch Ltd, told the NZX today Zero Commission NZ Ltd (Roy Jackson & Phil Briggs, Oneroa, Waiheke Island) had given them notice of an intention to make lowball offers to shareholders.

Tower said Zero Commission’s offer to holders of parcels of 200-750 shares would be at $1.72/share, 10c below yesterday’s closing price but only 7c below today’s close.

Tower chief financial officer Michael Boggs warned: “Shareholders accepting Zero Commission’s offer should be aware they are likely to be in the position of being an unsecured creditor of Zero Commission during the period between their shares being transferred to Zero Commission and receiving full payment from Zero Commission.”

Zero Commission offered 36c/share for parcels up to 3000 shares in Pumpkin Patch. That was 5c below yesterday’s close, 8c below today’s.

Home sales & listings slide but prices hold, says Barfoots chief

Barfoot & Thompson said today its residential listings reached a 7-month low at the end of July.

Managing director Peter Thompson said sales dropped from 1037 in June to 983 in July and the average sale price rose less than 1%, from $714,054 to $719,312 in July.

Story: Barfoots chief says sales & listings slide, prices steady

Attribution: Annual meeting, company releases.

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Propbd on Q W30July14 – Bayleys’ Total Property results, 1950 new home consents

5.15pm:
6 Foundation outlets among 13 sales at Bayleys’ Total Property auction

13 properties were sold under the hammer at Bayleys’ Total Property auction today, including 6 of the 9 outlets in the Foundation development at Albany.

The one apartment auctioned later was also sold. Auction results:

Orakei, 78 Coates Avenue, sold for $2.875 million, sales agent Robert Platt & Kate Kirby
Kohimarama, 301-305 Kepa Rd, sold for $2.72 million, Cameron Melhuish & James Chan
Albany, The Foundation, 270 Oteha Valley Rd, 9 units marketed by James Chan & Rosemary Wakeman:
Unit 10, Pita Pit, sold for $575,000
Unit 8, Bruce Lee, sold for $580,000
Unit 12, Tank Juice Bar, sold for $580,000
Unit 13, vacant, sold for $480,000
Unit 20, Whisky to Wine, sold for $1 million
Unit 9, Panscape, passed in at vendor bid of $950,000
Unit 14, Oporto, sold for $930,000
Unit 11, Luxury Nail, passed in at vendor bid of $850,000
Unit 19, vacant, no bid
East Tamaki, 3 adjoining properties marketed by John Bolton & Roy Rudolph:
2 Newark Place, sold for $1.09 million
6 Newark Place, sold for $822,000
10 Birmingham Rd, no bid
Mt Eden, 11 Tawari St, sold for $1.61 million, Cameron Melhuish & Alan Haydock
Wiri, 17C Joval Place, sold for $400,000, Peter Migounoff & Piyush Kumar
CBD, Mid-City, 239 Queen St, unit 1I, passed in at $775,000, Matt Lee & James Chan
Penrose, 738 Great South Rd, passed in at $1.45 million, Clint Barber & Andrew Beacham
Takapuna, 43 Anzac St, passed in at $3.225 million, Shiona Dyer & Paul Dixon
Sandringham, 581 Sandringham Rd, sold for $1.21 million, Mark Birdling & Kelly Morris
Takanini, 268 Great South Rd, withdrawn, Peter Migounoff & Tony Chaudhary
Whangarei, 3 Bank St, no bid, Mike Adams & Ross Blomfield
Papakura, 64 Boundary Rd, passed in at $2.475 million, Peter Migounoff & Shane Snijder
CBD, 17 Albert St, unit 9C, no bid, Millie Liang
Avondale, 57 Wolverton St, postponed to 6 August

Apartments:

Learning Quarter, Eden Hall, 3 Eden Crescent, unit 8, sold for $635,000, Diane Jackson & Julie Prince

1950 consents for new homes in June

I tweeted on my way round this morning but didn’t post on the website. Here’s the first property news of the day, the monthly building consent figures from Statistics NZ:

The 1950 new home consents in June include 553 in Auckland (49 of them for apartments), 623 in Christchurch (120 apartments). Detail to come overnight.

Attribution: Auction, Statistics NZ release.

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